Eni Agrees to Sell 30% of Shorouk Concession to Rosneft

Eni Agrees to Sell 30% of Shorouk Concession to Rosneft

Italian Eni agreed to sell 30% stake in Egypt’s Shorouk Concession to Russia’s Rosneft. Eni, through its joint venture Italian Egyptian Oil Company (IEOC), holds a 90% stake in the concession after the recent selling 10% to BP, according to a press release on Eni’s website.

Eni will sell the 30% stakes for $1.125b. This will reduce Eni’s stakes to 60%. Rosneft would repay investments already paid by Eni which has reached total of around $450m, reported Reuters.

Additionally, Rosneft has an option to buy a further 5% stake under the same terms. Finalizing the agreement and consequent transaction is pending the fulfillment of certain standard conditions, including all the required approvals from the Egyptian authorities.

The Shorouk concession includes supergiant Zohr gas field in the Mediterranean Sea, which was discovered by Eni in August 2015 and is the largest natural gas field ever found in the Mediterranean, with a total potential of 850bcm of gas in place.

Sarah Samir 2536 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

Login

Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password

Register